nft

A Guide to NFT Twitter Terminology

A breakdown of NFT community terms from @punk6529

Mobile Hero punk6529
@punk6529

For newcomers to the NFT community, there is a lot of different NFT term meanings to learn.

From everyone saying ‘gm’ and ‘gn’ (good morning and goodnight), joking about McDonald’s, and chanting ‘WAGMI’ there is a lot to keep up with.


Here is @punk6529’s newcomer terminology guide to getting you started on 50 of some of the unofficial definitions of terms that are used within the NFT community:

Full Twitter thread here.

1. GM

GM means "good morning".  We say good morning to each other because we are a friendly happy optimistic global community and it is nice to say good morning to your friends as you start your day.

2.GN

GN gn means "good night". We say good night to each other because we are a friendly happy optimistic global community and it is nice to say good night to your friends as you end your day (20 hours after you say gm and 4 hours before you say gm again).

3. Ser

Ser means "sir". It is a way to respectfully introduce oneself or perhaps share an alternative point of view.

4. Fren

Fren means "friend" Because we are all friends here on a happy mission quest together.

5. GMI/WAGMI

"Gonna Make It" / "We All Gonna Make It".

The happy future state when everyone understands our JPGs the way we do. "MOMA just bought a punk. WAGMI".

6. NGMI

"Not Going To Make It".

Best used in a self-deprecating way about one's own personal bad decisions "Sold a Fidenza for 5ETH. NGMI".

7. McDonalds

Our backup career plan in case the NGMI scenario comes true "Sold a Fidenza for 5ETH. Applying now to McDonald's".

8. LL

Larvalabs, the creators of punks, autoglyphs and meebits "LL rarely tweets".

9. AB

ArtBlocks, the most important platform for generative art in the world, that has three collections: "Curated" (ABC), "Playground" and "Factory".

10. Generative Art

Art that is algorithmically generated, ideally in real-time when minted. "She is a bright new star in gen art"

11. PFP

Profile Picture.

The punks, apes, cats, dogs, skeletons, and so on, that we all use in our proto-metaverse of Twitter and Discord. "That golden snail PFP is sick"

12. Looks Rare

Rarity is often a driver of value in this space. Used ironically.

13. FOMO

The Fear of Missing Out.

Buying an NFT because you are afraid of missing out on the next big thing. "I FOMOed into Golden Snails and I am not sure why."

14. COPE

The opposite of FOMO.

Failing to buy an NFT because one is coping with one's earlier error of not FOMOing at 1/10th the price. "I know Golden Snails are up 50x and heading to Christie's, but I didn't like the launch so staying out" "OK, LOL, cope"

15. 1:1 Art

Art where each piece is unique (1 of 1).

This can be thought in contract to PFP and Generative Art collections that range from 200 to 10,000 pieces typically. "1:1 szn is coming soon"

16. Szn

Szn means season which means market cycle.

Crypto szns are accelerated IRL seasons. NFT szns are accelerated crypto seasons. Might last as little as 1-4 weeks.

17. IRL

IRL means In Real Life, otherwise known as the world beyond OpenSea, Twitter and Discord. It is not recommended to spend too much time there. IRL does not have sufficiently good JPGs.

18. Probably Nothing

"Probably nothing" means "probably something".

It is the polite way to FOMO, with just barely some plausible deniability. "Visa bought a punk. Probably nothing"

19. Up Only

Originally popularized by @Cryptopathic for ETH this year. It is everyone's desired direction of NFT prices, certainly preferable to the less popular alternative of "Down Only"

20. Liquidity

Aavailable ETH to buy JPGs.

This is an impossible state of being. Any available ETH converts into JPGs immediately so everyone is in a state of perpetual illiquidity.

21. Mint

The act of initially issuing a piece of art on the blockchain, either by the artist or the collector. "Wow, beautiful picture. Mint it!"

22. HEN

An absolutely infuriating marketplace for art issued on the Tezos blockchain that combines: a) huge amounts of interesting and inexpensive NFTs and b) the worst UI made by any marketplace website in decades. HEN

23. 1/1 of X

The way to think about PFP and gen art collections. Punks are 1/1 of 10,000. Fidenzas are 1/1 of 999. Each one is unique, but they belong to a coherent whole collection in contrast to 1:1 art.

24. Right Click Save As

Every non-NFT person's first "gotcha" move when learning about NFTs - demonstrating their vast technical capacity to download an image from a web browser. Civilian: "I Right Click Saved 6529 and now it is my PFP" 6529: "Go right ahead"

25. This is the way

A way to commend socially positive behavior "She never shilled her project" "This is the way".

26. Floor Price

The lowest available asking price on OpenSea / Larvalabs/etc either for a collection as a whole or for a subset of the collection. "Golden Snails have hit a 3ETH Floor, but Golden Snail Nerd Glasses are 12ETH floor this morning"

27. OG

OG means original gangster. First become popular through 1990s hiphop, the super-Lindy term just flows through community after community. It means the folks who were here early and earned respect. "He is an OG punk holder"

28. Alpha

Alpha is a term from the investing/hedge fund community representing the outperformance generated by the skill of the asset manager vs beta (the market's performance). Most people's alpha IRL and in crypto is beta in disguise. "She dropping serious alpha today"

29. Its money laundering

This is meant to suggest that NFT prices are not real because people are using NFTs to money launder. The exact mechanism of how this works in highly liquid markets is never described. This is a specific form of IRL and crypto Twitter coping about NFTs

30. JPGs

JPGs refers to our NFTs that might be JPGs or GIFs or PNGs or audio files or video files or computer games. It is reclaiming a cope/insult for the community given many normies think "but you are just buying JPGs, are you mad?" "They will never steal our JPGs"

31. Delist

Delist your NFTs from Opensea (no longer offer them for sale) because prices are rising rapidly and they might get sold and market expectations of their value has changed. "Golden Snail 5ETH floor. Delist!" Also related to: "Hide your JPGs".

32. Discord

A messaging platform heavily used by NFT Twitter for NFT project communities. Discord is all of: a) useful b) overwhelming c) full of scammers d) will eat all your CPU cycles e) default set to annoy everyone within miles with notification beeps

33. Roadmap

The set of activities an NFT project (usually PFP) will plan to do to add value to a community. Roadmaps are viewed as desirable in PFP projects and insulting to ask for in art projects. Needs some care to not accidentally violate securities laws.

34. LFG

Let's F***ing Go. Used when you are excited about something. Best used with rocket emojis.

35. Few

Few is short for "few understand". Like "probably nothing" it is polite FOMO. "MOMA bought a punk. Few"

36. Gas or Gas Wars

The state of chaos that ensues when all of NFT twitter tries to mint the same project at once, driving up gas prices for the whole Ethereum network. The hardest unsolved problem in computer science - there is a Nobel Prize in this for someone.

37. Ded

Ded is short for dead. Also, see "deceased" "I sold my Fidenza for 5ETH. I am deceased."

38. Rug

Rug is short for rug pulled.

It came from Crypto Twitter and particularly DeFi where a lot of projects pumped and dumped on retail. Not 100% sure if rugs as a concept make sense in the context of JPGs, but it is used for devs who run away from their project +/-

39. IYKYK

If You Know, You Know This is, like "few", a polite form of FOMO in most, but not all usages. "MOMA bought a punk. IYKYK"

40. Derivative

Projects derived from the original project, first popularized with a wide variety of "alternative" punks. The intelligent view on derivatives is that they are fine, enhance the brand of the original and everyone should stay cool about them.

41. Noob/Pleb

Newbie and Plebian. The opposite of OG.

The polite way to use these terms is only about yourself. "6529 is such a noob. I can't believe I forgot to mint the Golden Snail"

42. Seems legit

"Seems legitimate" in other words, the project looks serious and potentially with good prospects. Can be used straight or ironically about a project's prospects "I am launching Baby Fast Food Golden Snails on Solana" "Seems legit"

43. Meatspace

Another term for "IRL".

That vaguely annoying reality where the laws of physics and biology apply. Not highly recommended. "Meatspace issues today. Car tire blew out"

44. Buying on secondary

When you fail to mint a project and have to buy on OpenSea.

Comes from finance world - primary stock sales are directly from company; secondary is what you trade day to day. Almost all action is secondary. "Missed the mint, gotta buy on secondary"

45. Schelling Point

A game theory term people believe applies to NFTs (and BTC). Specifically that certain NFTs will become stores of value and, as such, become more of a store of value, storing more and more value in those NFTs.

46. Wen Moon

This one comes from CryptoTwitter and refers to the price of your NFT ascending to the moon which is very far away Less popular in NFT Twitter because we are a bit less financial over here. Used more ironically. "6529 x Golden Snail collab" "Wen moon, ser?"

47. Valhalla

An enormous hall where dead Vikings party alongside people with valuable NFTs. See also: Heaven "6529 is either ascending to Valhalla or heading to McDonald's"

48. DYOR

DYOR means Do Your Own Research.

The person telling you this is (correctly) disclaiming responsibility re the question of if an NFT is right or wrong for you "I aped Golden Snail, but DYOR"

49. Aped

This one has come straight from Crypto Twitter. It means "take on a large position relative to one's own portfolio size" Apes have a strong NFT history - first, the famous 24 ape punks and then with Bored Ape Yacht Club. "I aped Golden Snail, but DYOR"

50. NFA

NFA means "Not Financial Advice".

It is related to DYOR. Again, someone shares an idea, but your job to decide if it is for you. "I aped Golden Snail. NFA"

For a full set of threads by @punk6529 click here.

Did you like this article?
Thumbs Up
Liked
Thumbs Down
Disliked